Section 835M The independent investment manager conditionsF1
The independent investment manager conditions are met in relation to an investment transaction carried out on behalf of a non-UK resident by an investment manager in the United Kingdom if conditions A to E are met.
Condition A is that at the time of the transaction the investment manager is carrying on a business of providing investment management services.
Condition B is that the transaction is carried out in the ordinary course of that business.
Condition C is that, when the investment manager acts on behalf of the non-UK resident in relation to the transaction, the relationship between them, having regard to its legal, financial and commercial characteristics, is a relationship between persons carrying on independent businesses dealing with each other at arm's length.
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Condition E is that the remuneration which the investment manager receives in respect of the transaction for the provision of investment management services to the non-UK resident is not less than is customary for that class of business.
Annotations
Textual amendments
- F1
S. 835M and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 11 (with Sch. 9 paras. 1-9, 22)
- F2
S. 835M(5) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 23(2), 30
Notes on Chapter 2B
Textual amendments
- F1
Pt. 14 Ch. 2B inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 para. 1 (with Sch. 9 paras. 1-9, 22)